Logibec Groupe Informatique Ltd.
TSX : LGI

Logibec Groupe Informatique Ltd.

May 08, 2009 10:30 ET

Logibec Groupe Informatique Ltd.: Growth in Earnings and Appointment of a Director

MONTREAL, QUEBEC--(Marketwire - May 8, 2009) - Logibec Groupe Informatique Ltd. (TSX:LGI) announced today the results of its quarter ended March 31, 2009. All monetary amounts are expressed in Canadian dollars.

HIGHLIGHTS

QUARTER ENDED MARCH 31, 2009

- Revenue up 7% for the second quarter ended March 31, 2009, to stand at $19.7 million compared to $18.5 million for the same period in the previous fiscal year.

- Recurring revenue up 14% for the quarter to stand at $17.7 million or 90% of total revenue.

- Operating profit of $6.9 million against $6.1 million, an increase of 14%.

- Quarterly net earnings up 21% to stand at $2.2 million, or $0.24 per share (basic and diluted) compared to net earnings of $1.8 million, or $0.19 per share (basic and diluted).

- Gilles Laporte, Senior Vice-President, Business Development, for Logibec, has been appointed to the Company's board of directors.

SIX-MONTH PERIOD ENDED MARCH 31, 2009

- Revenue up 22% for the six-month period ended March 31, 2009, to stand at $38.4 million compared to $31.6 million for the same period in 2008.

- Recurring revenue up 31% to stand at $34.7 million compared to $26.5 million for the same period in 2008.

- Operating profit of $13.2 million against $10.6 million, an increase of 25%.

- Net earnings increased 40% to stand at $4.6 million, or $0.48 per share (basic and diluted) compared to net earnings of $3.3 million, or $0.34 per share (basic and diluted).

- Net earnings margin of 12% compared to 10% last year.

OPERATING RESULTS

REVENUE

The business model adopted by the Company focuses on growth in recurring revenue. This revenue is primarily derived from annual software rights of use, software maintenance and support as well as from processing and hosting services for the Company's solutions. Non-recurring revenue is primarily from the sale of perpetual licenses and professional services.

The Company's activities are divided into two segments that are defined by geography and by the nature of the markets served. The Canadian segment specializes in the development, marketing, implementation and support of information systems for the health and social services sector in Canada. Healthcare in Canada is publicly funded and administered on a provincial or territorial basis. As such, the Company's Canadian customers are predominantly government-funded entities.

The U.S. segment specializes in the same activities, but for information systems for the eldercare sector in the United States, which is primarily managed by private enterprise. American customers are divided into for profit and not-for-profit entities.

For the quarter ended March 31, 2009, revenue from American activities represented 56% of consolidated revenue compared to 54% of consolidated revenue for the same period in the previous fiscal year. This increase in revenue from the American segment is primarily due to the depreciation of the Canadian dollar against the U.S. dollar.

The graphic "Segment Revenue (FY 2009 - Q2; FY 2008 - Q2)" is available at the following address: http://media3.marketwire.com/docs/segment_Q2_eng.pdf

For the six-month period ended March 31, 2009, revenue from American activities represented 57% of consolidated revenue compared to 48% of consolidated revenue for the same period in the previous fiscal year. This increase in revenue from the American segment is primarily due to the inclusion of acquisitions made during the previous year, namely Achieve and QuickCare.

The graphic "Segment Revenue (FY 2009 - 6 months; FY 2008 - 6 months)" is available at the following address: http://media3.marketwire.com/docs/segment_6months_eng.pdf

Revenue for the second quarter of fiscal year 2009 stood at $19.7 million, an increase of 7%, compared to $18.5 million for the same period in the previous fiscal year.



in thousands of
Canadian dollars Q2-2009 Q2-2008 Variance Q2-2009 Q2-2008
-------------------------------------------------------------------------
$ $ $ % % of % of
revenue revenue
Recurring revenue
Canada 7,236 6,881 355 5% 84% 81%
United States 10,465 8,621 1,844 21% 94% 87%
-------------------------------------------------------------------------
17,701 15,502 2,199 14% 90% 84%
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Non-recurring revenue
Canada 1,346 1,663 (317) -19% 16% 19%
United States 630 1,308 (678) -52% 6% 13%
-------------------------------------------------------------------------
1,976 2,971 (995) -33% 10% 16%
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Total revenue
Canada 8,582 8,544 38 0% 44% 46%
United States 11,095 9,929 1,166 12% 56% 54%
-------------------------------------------------------------------------
19,677 18,473 1,204 7% 100% 100%
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Revenue for the six-month period ended March 31, 2009, stood at $38.4 million, an increase of 22%, compared to $31.6 million for the same period in the previous fiscal year.



in thousands of 6 months 6 months 6 months 6 months
Canadian dollars 2009 2008 Variance 2009 2008
------------------------------------------------------------------------
$ $ $ % % of % of
revenue revenue

Recurring revenue
Canada 13,980 13,144 836 6% 85% 80%
United States 20,678 13,333 7,345 55% 94% 87%
------------------------------------------------------------------------
34,658 26,477 8,181 31% 90% 84%
------------------------------------------------------------------------
------------------------------------------------------------------------

Non-recurring revenue
Canada 2,480 3,192 (712) -22% 15% 20%
United States 1,303 1,966 (663) -34% 6% 13%
------------------------------------------------------------------------
3,783 5,158 (1,375) -27% 10% 16%
------------------------------------------------------------------------
------------------------------------------------------------------------

Total revenue
Canada 16,460 16,336 124 1% 43% 52%
United States 21,981 15,299 6,682 44% 57% 48%
------------------------------------------------------------------------
38,441 31,635 6,806 22% 100% 100%
------------------------------------------------------------------------
------------------------------------------------------------------------


Revenue from Canadian activities

Revenue from Canadian activities for the second quarter of 2009 stood at $8.6 million and is stable compared to the same quarter in the previous fiscal year. Recurring revenue from Canadian activities for this quarter increased 5%.

Revenue from Canadian activities for the six-month period ended March 31, 2009, stood at $16.5 million compared to $16.3 million for the same period in 2008. Recurring revenue from Canadian activities for this period increased 6%.

For the quarter and year-to-date period, the increase in recurring revenue was attributable to new contracts for annual software rights of use, software maintenance and support for the Company's clinical administrative and financial solutions, namely eClinibase and Espresso FMS. The quarter and six-month period last year were marked by significant non-recurring revenue associated with special work for our Espresso Payroll/HRM clients and sales of computer equipment on which our solutions are deployed.

As at March 31, 2009, the Canadian segment had $3.3 million in current deferred revenue ($13.2 million as at September 30, 2008) and $4.4 million in long-term deferred revenue ($4.3 million as at September 30, 2008). This revenue, as well as the related costs, will be recognized over the term of the related agreements.

Revenue from American activities

During the second quarter of 2009, revenue from American activities increased by $1.2 million or 12% to stand at $11.1 million compared to $9.9 million in 2008. This increase is due primarily to a more favorable U.S. dollar exchange rate for this quarter compared to the same quarter last year. In U.S. dollars, revenue from American activities for the last quarter was US$1.0 million or 10% lesser than the last quarter due to the termination of certain IT service contracts with the clients of a recently acquired company.

Revenue from American activities for the six-month period ended March 31, 2009, stood at $22.0 million compared to $15.3 million for the same period in 2008. This increase is primarily due to the full inclusion of the business activities of Achieve and QuickCare this year. The activities of these two companies were acquired on November 19, 2007 and January 1, 2008, respectively. The increase in revenue from American activities can also be explained by the depreciation of the Canadian dollar against the U.S. dollar between October 1, 2008 and March 31, 2009 compared to the same period last year. Even though this contributed to the increase in revenue from American activities, its impact on the results in Canadian dollars is lesser than the addition of the acquired business activities. In U.S. dollars, that is without the effect of exchange rate fluctuations, the increase in revenue from American activities is 17% for the six-month period.

As at March 31, 2009, the American segment had $5.4 million in current deferred revenue ($4.7 million as at September 30, 2008) and $3.4 million in Iong-term deferred revenue ($2.8 million as at September 30, 2008). This revenue as well as the related costs will be recognized over the term of the related agreements.

SERVICE COSTS AND GROSS MARGIN

Service costs are composed primarily of salaries and benefits for customer support and software development employees and of expenses related to hosting services offered by the Company.

Service costs for the second quarter of fiscal year 2009 stood at $9.1 million, representing an increase of 6% compared to $8.6 million for the same period in the previous fiscal year. The gross margin remains stable at 54%.



in thousands of
Canadian dollars Q2-2009 Q2-2008 Variance Q2-2009 Q2-2008
-------------------------------------------------------------------------
$ $ $ % % of % of
revenue revenue

Service costs
Canada 3,559 3,336 223 7% 41% 39%
United States 5,492 5,224 268 5% 49% 53%
-------------------------------------------------------------------------
9,051 8,560 491 6% 46% 46%
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Gross margin
Canada 5,023 5,208 (185) -4% 59% 61%
United States 5,603 4,705 898 19% 51% 47%
-------------------------------------------------------------------------
10,626 9,913 713 7% 54% 54%
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Service costs for the six-month period ended March 31, 2009, stood at $17.8 million, representing an increase of 22% compared to $14.5 million for the same period in the previous fiscal year. The gross margin remains stable at 54%.



in thousands of 6 months 6 months 6 months 6 months
Canadian dollars 2009 2008 Variance 2009 2008
------------------------------------------------------------------------
$ $ $ % % of % of
revenue revenue

Service costs
Canada 6,927 6,527 400 6% 42% 40%
United States 10,862 8,004 2,858 36% 49% 52%
------------------------------------------------------------------------
17,789 14,531 3,258 22% 46% 46%
------------------------------------------------------------------------
------------------------------------------------------------------------

Gross margin
Canada 9,533 9,809 (276) -3% 58% 60%
United States 11,119 7,295 3,824 52% 51% 48%
------------------------------------------------------------------------
20,652 17,104 3,548 21% 54% 54%
------------------------------------------------------------------------
------------------------------------------------------------------------


Canadian service costs increased $0.2 million or 7% for the second quarter of fiscal year 2009 compared to the same period in the previous fiscal year while the level of revenue was similar leading to a 2% decrease in the gross margin as a percent of revenue. For the six-month period ended March 31, 2009, service costs rose to $6.9 million compared to $6.5 million for the same period last year. The gross margin as a percent of revenue also decreased 2%. For the quarter and six-month period, this can be explained by the previously reported increase in the number of development employees during the current fiscal year to meet the increased demand for the Company's products and services.

American service costs increased $0.3 million or 5% for the second quarter of fiscal year 2009 compared to the same period in the previous fiscal year while the gross margin as a percent of revenue improved by 4%. The Company has adopted and is continuing to adopt measures to integrate and optimize the acquired American operations so as to further improve the gross margin. For example, this year the Company will terminate the subcontracting of certain hosting activities to third-parties and this has had a positive impact on the gross margin as planned.

For the six-month period ended March 31, 2009, the significant increase of 36% in the American service costs is attributable to the contribution of the business activities of Achieve and QuickCare. The gross margin of the American segment has improved, however, increasing from 48% of revenue last year to 51% of revenue for the last six months of the present fiscal year, resulting from the restructuring plan adopted following the Achieve and QuickCare acquisitions.

SELLING AND ADMINISTRATIVE EXPENSES

Selling and administrative expenses include salaries and benefits, certain marketing activities such as advertising and trade shows as well as overhead such as rent, insurance and professional fees.

Selling and administrative expenses for the second quarter of fiscal year 2009 decreased 3% to stand at $3.7 million compared to $3.8 million for the same period in the previous fiscal year.



in thousands of
Canadian dollars Q2-2009 Q2-2008 Variance Q2-2009 Q2-2008
-------------------------------------------------------------------------
$ $ $ % % of % of
revenue revenue

Selling and administrative
Canada 1,386 1,406 (20) -1% 16% 16%
United States 2,315 2,420 (105) -4% 21% 24%
-------------------------------------------------------------------------
3,701 3,826 (125) -3% 19% 21%
-------------------------------------------------------------------------
-------------------------------------------------------------------------


Selling and administrative expenses for the six-month period ended March 31, 2009, increased 14% to stand at $7.5 million compared to $6.6 million for the same period in the previous fiscal year.



in thousands of 6 months 6 months 6 months 6 months
Canadian dollars 2009 2008 Variance 2009 2008
------------------------------------------------------------------------
$ $ $ % % of % of
revenue revenue

Selling and
administrative
Canada 2,694 2,686 8 0% 16% 16%
United States 4,775 3,867 908 23% 22% 25%
------------------------------------------------------------------------
7,469 6,553 916 14% 19% 21%
------------------------------------------------------------------------
------------------------------------------------------------------------


The increase in absolute terms for the American segment can be explained by the acquisitions of Achieve and QuickCare. Selling and administrative expenses for the American segment represent, however, a smaller portion of revenue, decreasing from 25% to 22% for the first six months of the fiscal year compared to the same period in the previous year. This improvement can be explained by combined sales and marketing activities (each acquired company previously having its own sales and marketing strategy) as well as by certain non-recurring events last year such as professional fees and an increase in the allowance for doubtful accounts.

OPERATING EARNINGS

Operating earnings stood at $6.9 million for the quarter ended March 31, 2009 compared to $6.1 million for the same period in the previous fiscal year. For the six-month period ended March 31, 2009, operating earnings stood at $13.2 million compared to $10.6 million for the same period in the previous fiscal year. This increase can be explained by the Achieve and QuickCare acquisitions as well as by cost savings in the American segment.

AMORTIZATION OF FIXED ASSETS, INTANGIBLE ASSETS AND OTHER LONG-TERM ASSETS

Amortization of fixed assets, intangible assets and other long-lived assets for the quarter ended March 31, 2009 rose to $3.3 million ($6.5 million for the six-month period ended March 31, 2009) compared to $2.9 million ($4.8 million for the six-month period) for the same period in the previous fiscal year. These increases are primarily due to the amortization of the technology and customer relationships acquired from Achieve and QuickCare.

FINANCIAL INCOME AND EXPENSES

Financial income and expenses are mainly composed of the interest charge on long-term debt, amortization of deferred financing costs, gains and losses on fair value adjustments of certain financial assets and foreign exchange gains and losses.

Financial expenses of $0.4 million were recorded for the quarter ended March 31, 2009 compared to financial expenses of $0.6 million for the same quarter of the previous fiscal year. The Company's level of indebtedness was higher during the same period in the previous fiscal year due to the acquisitions of Achieve and QuickCare.

For the six-month period ended March 31, 2009, net financial expenses were $0.1 million compared to $1.2 million for the same period last year. During the first quarter of the current fiscal year, a gain on currency exchange of $0.8 million was recorded for two of the Company's financial assets denominated in U.S. dollars. This gain is due to the depreciation of the Canadian dollar against the U.S. dollar during the period.

NET EARNINGS

Net earnings for the second quarter ended March 31, 2009 stood at $2.2 million, or $0.24 per share, compared to $1.8 million, or $0.19 per share, for the same period in the previous fiscal year.

Net earnings for the the six-month period ended March 31, 2009, stood at $4.6 million, or $0.48 per share, compared to $3.3 million, or $0.34 per share, for the same period in the previous fiscal year.

LIQUIDITY AND SOURCES OF FINANCING

OPERATING ACTIVITIES

For the quarter ended March 31, 2009, operating activities generated cash flows of $4.8 million whereas these same activities used cash flows of $0.6 million for the same quarter of the previous fiscal year.

For the six-month period ended March 31, 2009, operating activities generated cash flows of $5,0 million whereas these same activities used cash flows of $4.4 million for the same period of the previous fiscal year.

INVESTING ACTIVITIES

For the quarter ended March 31, 2009, the Company invested $1.4 million in fixed assets and other long-term assets, namely capitalized development costs.

The Company used $4.0 million for investing activities during the six-month period ended March 31, 2009, compared to $41.8 million as at March 31, 2008 for the acquisition of Achieve and QuickCare. During the current fiscal year, the Company made an investment of $1.2 million to acquire securities of a publicly-traded company. Amounts of $0.8 million and $2.0 million were invested respectively in fixed assets and other long-term assets, namely capitalized development costs. Certain fixed asset acquisitions were associated with leasehold improvements and are therefore non-recurring.

FINANCING ACTIVITIES

For the quarter ended March 31, 2009, financing activities resulted in a net outflow of $2.3 million, $3.5 million of which was to repay debt ($1.8 million was borrowed) and $0.5 million for repurchasing common shares.

For the six-month period ended March 31, 2009, the Company borrowed $12.8 million and repaid $7.8 million under its credit facilities, including the repayment of a promissory note of $2,639,000 (US$2,150,000) on December 19, 2008. The borrowed funds were used primarily to repurchase and cancel common shares of the Company. Under its normal course issuer bid, the Company repurchased 171,877 common shares during the period for cash consideration of $2.5 million. Furthermore, the Company paid $3.4 million for a share repurchase executed in September 2008. The Company renewed its normal course issuer bid in February 2009.

Under its normal course issuer bid, the Company is authorized to repurchase for cancellation up to 497,041 and 472,189 common shares (approximately 5% of the common shares outstanding) over the course of the twelve-month periods ending respectively February 12, 2009 and February 12, 2010.

For the period between March 31, 2009 and May 7, 2009, that is subsequent to the second quarter end, the Company repaid an additional amount of $8.5 million on its long-term debt. Consequently, the balance of borrowings under the Company's credit facilities stood at $20.0 million as at May 7, 2009.

ABOUT LOGIBEC

Logibec is among the fastest-growing North American companies specializing in the development, marketing, implementation and support of information systems for the health and social services sector. In 2008, Logibec has continued to expand its American activities with the recent acquisition of the assets of Achieve Healthcare Technologies and QuickCare Software Services and is now a leader in the U.S. with a customer base of approximately 7,000 facilities and communities. Its American activities are now managed under the name MDI Achieve. Logibec's services are delivered by an experienced team of approximately 420 employees. The Company has its head office in Montreal as well as offices in Quebec City, Edmonton, St. Louis, Minneapolis, Dallas, Tampa and Smithfield, Virginia.

This news release contains forward-looking statements reflecting Logibec Groupe Informatique Ltd. objectives, estimates and expectations. Such statements may be marked by the use of verbs such as "believe", "anticipate", "estimate" and "expect" as well as the use of the future or conditional tense. By their very nature, such statements involve risks and uncertainty. Actual results may differ significantly from the Company's forecasts or expectations.



CONSOLIDATED STATEMENTS OF EARNINGS
for periods ended March 31
unaudited

in thousands of
canadian dollars
exept per share
amounts 2009 2008 2009 2008
-------------------------------------------------------------------------
Quarter Quarter Six months Six months
$ $ $ $

Revenue 19,677 18,473 38,441 31,635
-------------------------------------------------------------------------

Operating expenses
Service costs 9,051 8,560 17,789 14,531
Selling and
administrative
expenses 3,701 3,826 7,469 6,553
-------------------------------------------------------------------------
12,752 12,386 25,258 21,084
-------------------------------------------------------------------------
Earnings before the
following items: 6,925 6,087 13,183 10,551

Amortization of
fixed assets 547 416 1,108 719
Amortization of
intangible assets
and other
long-lived assets 2,776 2,467 5,424 4,060
Loss on disposal of
fixed assets - 11 - 11
Income on temporary
investments - (14) (1) (51)
Financial expenses 394 612 111 1,212
-------------------------------------------------------------------------
3,717 3,492 6,642 5,951
-------------------------------------------------------------------------
Earnings before
income taxes 3,208 2,595 6,541 4,600

Income taxes 964 746 1,973 1,345
-------------------------------------------------------------------------
Net earnings 2,244 1,849 4,568 3,255
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Net earnings
per share
Basic and diluted 0.24 0.19 0.48 0.34
-------------------------------------------------------------------------

Weighted average
number of common
shares outstanding
Basic 9,435,090 9,901,959 9,486,642 9,443,479
Diluted 9,478,913 9,971,951 9,530,464 9,516,974
-------------------------------------------------------------------------



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for periods ended March 31
unaudited

in thousands of
Canadian dollars 2009 2008 2009 2008
-------------------------------------------------------------------------
Quarter Quarter Six months Six months
$ $ $ $
Net earnings 2,244 1,849 4,568 3,255
Unrealized gains on
translation of
financial
statements of
self-sustaining
foreign subsidiaries 3,370 2,525 15,413 2,494
-------------------------------------------------------------------------
Comprehensive income 5,614 4,374 19,981 5,749
-------------------------------------------------------------------------
-------------------------------------------------------------------------



CONSOLIDATED STATEMENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS
for periods ended March 31
unaudited

in thousands of
Canadian dollars 2009 2008 2009 2008
-------------------------------------------------------------------------
Quarter Quarter Six months Six months
$ $ $ $
Balance, beginning
of period 10,965 (6,530) (1,078) (6,499)
Unrealized gains on
translation of
financial
statements of
self-sustaining
foreign subsidiaries 3,370 2,525 15,413 2,494
-------------------------------------------------------------------------
Balance, end of period 14,335 (4,005) 14,335 (4,005)
-------------------------------------------------------------------------
-------------------------------------------------------------------------



CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
for periods ended March 31
unaudited

in thousands of
Canadian dollars 2009 2008 2009 2008
-------------------------------------------------------------------------
Quarter Quarter Six months Six months
$ $ $ $

Retained earnings,
beginning of period 19,024 16,675 18,019 15,269
Net earnings 2,244 1,849 4,568 3,255
-------------------------------------------------------------------------
21,268 18,524 22,587 18,524
Premium on repurchase
of common shares (348) (1,290) (1,667) (1,290)
-------------------------------------------------------------------------
Retained earnings,
end of period 20,920 17,234 20,920 17,234
-------------------------------------------------------------------------
-------------------------------------------------------------------------



CONSOLIDATED BALANCE SHEETS
unaudited

in thousands of March 31, Sept. 30,
Canadian dollars 2009 2008
------------------------------------------------------------------
$ $

Assets
Current assets
Cash 2,656 3,184
Accounts receivable 6,710 8,012
Income tax credits receivable 1,785 1,166
Future income taxes 831 831
Other current assets 3,454 2,389
------------------------------------------------------------------
15,436 15,582

Fixed assets 4,278 4,290
Goodwill 75,115 64,483
Intangible assets and other
long-lived assets 57,564 53,278
------------------------------------------------------------------
152,393 137,633
------------------------------------------------------------------
------------------------------------------------------------------

Liabilities
Current liabilities
Accounts payable and accrued liabilities 10,890 13,304
Income taxes 3,154 1,099
Future income taxes 27 27
Current portion of long-term debt 6,100 2,288
------------------------------------------------------------------
20,171 16,718

Deferred revenue 8,698 17,921
------------------------------------------------------------------
28,869 34,639

Long-term deferred revenue 7,785 7,119
Long-term debt 28,701 26,226
Future income taxes 3,364 3,413
------------------------------------------------------------------
68,719 71,397
------------------------------------------------------------------

Shareholders' equity
Share capital 47,945 48,821
Contributed surplus 474 474

Retained earnings 20,920 18,019
Accumulated other comprehensive loss 14,335 (1,078)
------------------------------------------------------------------
35,255 16,941
------------------------------------------------------------------
83,674 66,236
------------------------------------------------------------------
152,393 137,633
------------------------------------------------------------------
------------------------------------------------------------------



CONSOLIDATED STATEMENTS OF CASH FLOWS
for periods ended March 31
unaudited

in thousands of
Canadian dollars 2009 2008 2009 2008
-------------------------------------------------------------------------
Quarter Quarter Six months Six months
$ $ $ $
Operating activities
Net earnings 2,244 1,849 4,568 3,255
Adjustments for:
Amortization of
fixed assets 547 416 1,108 719
Amortization of
intangible assets
and other long-
lived assets 2,776 2,467 5,424 4,060
Amortization of
deferred financing
costs 21 20 42 289
Gain on early payment
of a promissory note - - (91) -
Loss on disposal of
fixed assets - 11 - 11
Future income taxes - - - (300)
-------------------------------------------------------------------------
5,588 4,763 11,051 8,034

Changes in non-cash
operating working
capital items (761) (5,334) (6,082) (12,401)
-------------------------------------------------------------------------
4,827 (571) 4,969 (4,367)
-------------------------------------------------------------------------

Investing activities
Acquisition of
investments - - (1,186) -
Acquisition of fixed
assets (362) (571) (771) (666)
Business acquisitions - (19,557) - (39,525)
Increase in intangible
assets and other
long-lived assets,
net of investment
tax credits (1,086) (893) (2,016) (1,609)
-------------------------------------------------------------------------
(1,448) (21,021) (3,973) (41,800)
-------------------------------------------------------------------------

Financing activities
Increase in
long-term debt 1,800 29,250 12,800 56,000
Repayment of
long-term debt (3,533) (5,326) (7,849) (33,961)
Repurchase of shares (529) (1,718) (5,969) (1,718)
Credit facilities
financing costs - (39) - (358)
Issuance of shares - - - 22,879
-------------------------------------------------------------------------
(2,262) 22,167 (1,018) 42,842
-------------------------------------------------------------------------

Effect of exchange
rate changes on cash
denominated in
foreign currency (91) 22 (506) (119)

Increase (decrease)
in cash 1,026 597 (528) (3,444)

Cash, beginning
of period 1,630 2,933 3,184 6,974
-------------------------------------------------------------------------
Cash, end of period 2,656 3,530 2,656 3,530
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Additional information
Interest paid 392 697 916 998
Income tax paid - 1,404 - 4,026
-------------------------------------------------------------------------



Contact Information

  • LOGIBEC GROUPE INFORMATIQUE LTD.
    Claude Roy
    President and Chief Executive Officer
    514-766-0134
    or
    LOGIBEC GROUPE INFORMATIQUE LTD.
    Marc P. Brunet
    Chief Financial Officer
    514-762-3833